On 16 May 2023, EU Regulation 2023/956 was published in the Official Journal of the European Union, establishing a carbon border adjustment mechanism (CBAM).
As indicated in article 1 of the Regulation, the objective of the CBAM is to address the issue of greenhouse gas emissions incorporated in the goods listed in Annex I of the same, at the time of their importation into the customs territory of the Union, to prevent the risk of carbon leakage outside the territory of the Union.
Source PwC
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